Magic circle firm Clifford Chance’s highest earning member enjoyed a 53% earnings rise last year, drawing £4.94 million in the year to April, figures posted with Companies House reveal. 

Results for Clifford Chance LLP for the year to 30 April 2022 show profits before tax of £812m, 17.3% higher than the previous year. Turnover rose 7.7% to £1.969m, the highest ever recorded by the firm. 

Profit before tax available to share among members rose 19.9% to £794m. The firm's headcount rose by 2.8% in the year and included 563 partners, 2,452 associates and other fee earners and 636 trainees.

Cash reserves continued to grow in the year, with net cash up 2% to £378m. Net assets attributable to members jumped 45% to £541m due to a reduction in the defined benefit pension liability from £271m to £129m. 

An upbeat report to members states that momentum from the second half of 2021 continued into the first half of 2022 'as demand rebounded from the uncertainty of the pandemic'. According to the statement, the firm 'successfully negotiated both the return to office-based working and subsequent lockdowns, notably in Asia-Pacific'. Operations in Russia ceased on 31 May 2022 with the closure of the firm's Moscow business on that date.

 

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